How can poor people needing objective sound financial guidance get it in the Knoxville area?

Say the single elderly widow on Social Security who has a significant medical expense, or expensive emergency house repair, or some other circumstance that without the resources or knowledge, would possibly turn to payday lender type loan, or mortgage her home, etc.

It seems like payday lenders, title loans, etc are showing where that sort of resource should be located.

Branch libraries and schools seem like a good location to provide those types of resources.

Zoning is fine, but the base problem is desperate people, people in a critical, stressful situation.

Free Advice on Money for Those With Little

Consumer Financial Protection Bureau

Commuter's picture

Are you proposing a physical

Are you proposing a physical location or services rendered? Librarians are well educated, but may or may not be trained to give financial advice.

jbr's picture

Location. It would be staffed

Location.

It would be staffed by qualified folks from financial professions. Paid, volunteers, retired, etc.

Commuter's picture

The Cedar Bluff library has a

The Cedar Bluff library has a room that can be reserved by patrons. For example, my daughter's Girl Scout troop meets there. I imagine other branches have a similar arrangement, depending on space availability.

bizgrrl's picture

Knoxville Area Urban League


Knoxville Area Urban League

Financial Literacy and Capacity Building Course – This three-session workshop helps participants understand their spending habits and make wise spending choices so that they can save money and meet long-term goals. Classes are held on Tuesday evenings from 5:30p.m to 7p.m.

Dates:

March 1, 8, 15, 2016

May 3, 10, 17, 2016

July 12, 19, 26, 2016

September 13, 20, 27, 2016

November 1, 8, 15, 2016

bizgrrl's picture

Knoxville - Knox County CAC


Knoxville - Knox County CAC
has some programs for home repairs.

The Knoxville - Knox County Office on Aging has a Senior Service Directory. I believe a print edition is available.

jbr's picture

Those are all good things.

Those are all good things. But not close by in the communities, at least occasionally.

In the case of the financial class, I don't think that addresses folks in an urgent, "I gotta have a solution in 2 days, what am I going to do" position. And maybe they do manage their money, they just don't have enough to address a current emergency. A fire prevention class is good, but "I am on fire this second, right here".

bizgrrl's picture

Money, money, money...It's a

Money, money, money...

It's a problem

The Fed asked respondents how they would pay for a $400 emergency. The answer: 47 percent of respondents said that either they would cover the expense by borrowing or selling something, or they would not be able to come up with the $400 at all. Four hundred dollars! Who knew?

Bird_dog's picture

Urban League is a good resource; also Habitat for Humanity

Also Consumer Credit Counseling. One problem is that unless someone is motivated to manage their finances before a crisis, when the crisis hits, it's too late.

Emergency loans should be available on simple interest basis, with payments covering the loan and the interest. The risk justifies a higher interest rate.

The problem with payday loans is that the borrowers have to pay off in one lump sum. Until they can do that, they pay to "renew their loan" - technically not interest, but really a 300% interest penalty.

Post offices making high interest simple interest amortized loans would be a good start.

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